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Old 21-08-2017, 07:32 AM
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Default The story of Joe

Wish to share a real story but names are fictitious for obvious reasons, in case people involved happen to visit this forum.

Joe is a typical Singaporean guy, good academically, graduated with 2.1 and entered the workforce immediately upon graduation. He was hardworking and dedicated to his work. By the age of 36, and still single, he saw that he has amassed a networth of $1M. He was obviously very pleased with himself.

He started to compare his networth among his peers and he found that he beat them all. Then one day, after a meeting he chatted with a senior colleague, 45 yo Henry. Henry told him that his family's networth was $4.5M. Henry's wife is also working and they have 2 kids and they stay in a condo.

Not only that, Henry also let on that a director in the company, 60 yo Mark, had hinted that he has $10M networth and has a passive income of $180k each year!

Joe did some quick calculations and concluded that to grow his networth from $1M to $4.5M in 9 years (to catch up with Henry) he will need to save/grow his assets by $388k each year. And to catch up with Mark's networth of $10M, he will need to save / grow his assets by $375k every year for 24 years!

This knowledge deeply saddens Joe and he became moody and dejected as he didnt see how he was ever going to earn and save that much.

Many morals and lessons here.

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